As GE profit falls, company sees itself weathering the storm

General Electric, in reporting its third-quarter results Friday, portrayed itself as a company positioned as conservatively as possible to withstand the turmoil in the financial markets. After GE lowered its quarterly profit guidance a week ago, the numbers released Friday were not surprising. Profit from continuing operations fell 12 percent from the quarter a year earlier, to $4.5 billion. Earnings per share, at 45 cents, were off just 10 percent, reflecting fewer GE shares outstanding this year because of the company's buyback program. Revenue in the quarter increased 11 percent, to $47.2 billion. More than most companies outside the banking sector, GE has been under pressure in recent weeks because of the tight credit markets. The company garners roughly half its profits from its finance arm, GE Capital, whose portfolio... [read full story]